The Diamond Castles
Comparable to the aforementioned Foundry feature of IRON, with DiamondHand we have multiple Castles where users can stake DND tokens to earn BTCB, ETH, BNB, ADA and DOT every epoch. The first Diamond Castle epoch started on April 12, 2021 at 1pm UTC
The starting Castle parameters at Epoch 1 are as follows:
  • 12 hours Epoch duration
  • Every deposit or withdrawal of DND will lock up DND for 4 epochs
  • Every reward claiming will lock up DND for 4 epochs
  • For detailed stats see Treasury page
Currently the Castle pay rewards from the the Treasury, which we may change later if we find a secure and viable alternative for our collateral vaults.
Prior ValueDefi incident on May 7, 2021:
All realized BTC, BNB, ETH, ADA and DOT profits from investment vaults will be allocated for the BTC, BNB and ETH Castles, respectively. As a measure for the protocol to have sufficient collateral for daily redemptions, excess collateral will no longer be paid out to the Castles as rewards since a large part of the collateral will be invested via the Vaults to generate more sustainable income for the protocol and for the Castle. While this may decrease the yield in the short-term, it definitely offers a mid- and long-term profitability growth potential and a more sustainable reward system.
In April 2021, the Iron Finance Governance has voted on:
  • IFGV#4: 61% have voted for the max percentage of collateral allocated for the investment vaults to be at 75%
  • IFGV#5: 60% have voted for reserve collateral threshold to be at 15%
Last modified 6mo ago
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